### Table 5b: OADR Spline on Nominal r-g (Full Sample)

| Knot | OADR (base slope) | Spline (above knot) | N | Countries | R² |
|:--|--:|--:|--:|--:|--:|
| 15% | +36.6 (0.020)* | -61.5 (0.0117)* | 3,044 | 129 | 0.112 |
| 20% | +28.8 (0.007)** | -80.5 (0.0005)*** | 3,044 | 129 | 0.116 |
| 25% | +11.2 (0.183) | -62.2 (0.0313)* | 3,044 | 129 | 0.117 |
| 30% | +5.0 (0.504) | -61.3 (0.1649) | 3,044 | 129 | 0.116 |

*PanelGLS with AR(1). Controls: fiscal balance, KAOPEN, relative productivity, NFA.*
